Hearing Information
Amendment Deadline
Thursday, September 12, 2024 - 4:00pm View Announcement »
Meeting Information
Tuesday, September 17, 2024 - 4:00pm H-313, The Capitol View Announcement »
H.R. 4790 - Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 [Prioritizing Economic Growth Over Woke Policies Act]
Bill Text
Rules Committee Print 118-48 PDF
Showing the text of H.R. 4790, H.R. 4655, H.R. 4767, and H.R. 4823, all as reported by the Committee on Financial Services
Text of H.R. 4790 (as reported) PDF XML
:: H. Rept. 118-336 – Report from the Committee on Financial Services to accompany H.R. 4790 PDF
Text of H.R. 4655 (as reported) PDF XML
:: H. Rept. 118-326 – Report from the Committee on Financial Services to accompany H.R. 4655 PDF
Text of H.R. 4767 (as reported) PDF XML
:: H. Rept. 118-324 – Report from the Committee on Financial Services to accompany H.R. 4767 PDF
Text of H.R. 4823 (as reported) PDF XML
:: H. Rept. 118-325 – Report from the Committee on Financial Services to accompany H.R. 4823 PDF
Amendments (click headers to sort)
| # | Version # | Sponsor(s) | Party | Summary | Status |
|---|---|---|---|---|---|
| 1 | Version 1 | Beatty (OH) | Democrat | Preserves the SEC’s ability to issue any rule relating to the disclosure of information, including corporate diversity disclosures and human capital management disclosures. | Submitted |
| 2 | Version 1 | Beatty (OH) | Democrat | Preserves the SEC's authority to compel an issuer to include in a proxy statement a shareholder proposal regarding risks related to racial inequity. | Submitted |
| 3 | Version 1 | Beatty (OH) | Democrat | Allows the Fed, FDIC, OCC, and NCUA to issue rules that promote diversity, equity, and inclusion with respect to their regulated entities, including rules to combat discriminatory products and practices, modern-day redlining, and other barriers to equal access to affordable financial products and services. | Submitted |
| 4 | Version 1 | Schiff (CA), Vargas (CA), Casten (IL) | Democrat | Clarifies that climate risk disclosure information is always material with respect to a voting or investment decision regarding the securities of such issuer. | Submitted |
| 5 | Version 1 | Garcia (TX) | Democrat | Adds language to express that climate change has and will continue to affect American businesses and the global economy and that going forward, Congress shall make a good-faith effort to legislate in response to this real and material risk. | Submitted |
| 6 | Version 1 | Garcia (TX) | Democrat | Prevents the bill's provisions from taking effect unless federal banking regulators certify that climate is not a risk to the safety and soundness of the entities affected or the U.S. financial system. | Submitted |
| 7 | Version 1 | Vargas (CA) | Democrat | Ensures that nothing within the act can limit the SEC’s ability to conduct rulemakings pertaining to standardizing climate related disclosures and human capital management disclosures, or any other disclosure-based rulemaking that the SEC’s deems crucial to fulfill its disclosure mandate in accordance with the Securities Exchange Act of 1934. | Submitted |
| 8 | Version 1 | Vargas (CA) | Democrat | Directs the SEC to conduct an economic analysis of all the proposals in Division C. If the economic analysis finds that the proposals within the division limit information that investors consider material or limit the ability for shareholders to submit proposals, those limits cannot go into effect. | Submitted |
| 9 | Version 1 | Meeks (NY) | Democrat | Adds findings that shows companies that incorporate DEI perform better and that this finding has consistently been illustrated across empirical research studies. | Submitted |
| 10 | Version 1 | Casten (IL) | Democrat | Directs the SEC to assess the economic impact of the bill on federal and state pensions, and municipalities. | Submitted |
| 11 | Version 1 | Casten (IL) | Democrat | Expresses the sense of Congress that praises capitalism and affirms that the government should not interfere with investor choice and freedom. | Submitted |
| 12 | Version 1 | Casten (IL) | Democrat | Directs the SEC to study and provide recommendations to Congress to promote standardization of ESG ratings and methodologies and to improve transparency among ESG rating agencies. | Submitted |
| 13 | Version 1 | Casten (IL) | Democrat | Renames the bill as the “Canceling Capitalism Policy Act or 2024” or the “CCP Act of 2024.” | Submitted |
| 14 | Version 1 | Casten (IL) | Democrat | Directs the SEC to assess the economic impact on investors if the U.S. fails to adopt mandatory, comparable, and consistent climate disclosures. | Submitted |
| 15 | Version 1 | Casten (IL) | Democrat | Strikes the Public Company Advisory Committee Act from the bill to limit the influence of large corporations over SEC disclosure obligations and shareholder voting rules. | Submitted |
| 16 | Version 2 | Biggs (AZ) | Republican | Late Revised Requires the SEC to update Rule 14a-8, which would allow companies to exclude shareholder proposals that do not have a material impact on the financial performance of the company. | Revised |
| 17 | Version 1 | Waters (CA) | Democrat | Late Expresses a Sense of Congress that private funds are operating consistently with the law when offering grants specifically aimed at helping minority-owned businesses on account of trends showing they face inordinate barriers to accessing capital. | Submitted |
| 18 | Version 1 | Waters (CA) | Democrat | Late Requires public companies to disclose whenever they eliminate any employees or offices within the company tasked with enhancing the company’s commitment to promoting diversity, equity, and inclusion within its workforce and business practices. | Submitted |
| 19 | Version 2 | Waters (CA) | Democrat | Late Revised Allows regulators to encourage financial firms to increase access to credit for small and minority-owned businesses, women-owned businesses, and veteran-owned businesses, including through partnerships with CDFIs/MDIs and novel underwriting to support start-ups. | Revised |
| 20 | Version 1 | Sherman (CA) | Democrat | Late Mandates companies to disclose material risks regarding their connections to the People’s Republic of China, including (i) any control that the Chinese government or Chinese-based entities have in their business, as well as (ii) any links to Uyghur forced labor. In doing so, this amendment codifies a portion of the SEC’s July 2023 guidance regarding China-specific disclosures (for reference: https://www.sec.gov/rules-regulations/staff-guidance/disclosure-guidance/sample-letter-companies-regarding-china). | Submitted |
| 21 | Version 1 | Houlahan (PA) | Democrat | Late Requires SEC to study and issue a report on how shareholder engagement has encouraged issuers to adopt governance policies that are now widely adopted as best practices and recognized as important to long-term value creation. | Submitted |
| 22 | Version 1 | Vargas (CA) | Democrat | Late Expresses a Sense of Congress that climate change has had a profound economic impact on regions across the U.S. and that financial regulators should continue to encourage companies to disclose the effect that these events have on their business operations and financial performance. | Submitted |